The Amirov brothers, who recently acquired a controlling stake in the Shufersal retail chain, have faced criticism after attempting to appoint Professor Yitzhak Shapira as the chairman of the board of directors. The move was met with opposition in economic circles and prompted intervention from the Ministry of Health.
Initially, the Amir brothers sought to retain both the positions of general director and chairman of the board for themselves. However, this was not allowed by securities market management. In response, they appointed themselves as general directors while Professor Shapira was intended to serve as a ceremonial chairman.
However, this decision was met with controversy and prompted an intervention from the Ministry of Health. The ministry prohibited Professor Shapira from holding dual leadership positions simultaneously but left open the possibility for him to join the board of directors if he outlined a plan to prevent conflicts of interest.
The situation highlights the importance of transparency and avoiding conflicts of interest in corporate governance. It is crucial that companies prioritize these principles in order to maintain trust with their stakeholders and operate ethically.
In conclusion, this decision has brought attention to corporate governance practices and has raised concerns about potential conflicts of interest. It is important that companies take steps to avoid such situations and ensure transparency in their decision-making processes.